Keebler Highlights Harris Tax Proposals

In a recent Leimberg Information Services 60-Second Planner, Bob Keebler discussed Kamala Harris's tax proposals.

Here is the audio:

Here is my transcript:

Last week, one of our 60-Second Planners focused on the estate tax changes in the [inaudible] bill.

This week, more Vice President Harris's economic and fiscal agenda began to crystallize. It appears that the Harris administration would closely follow many of the proposals in President Biden's Green Book.

There are several key aspects of tax policy that are of particular interest:

• An increase in the corporate rate to 28%.
• An increase in the marginal rate for individuals and trusts to 39.6%.
• An increase in the capital gain rate to 39.6% for individuals with over $1 million of income.
• An increase in the net investment income tax to 5%.
• The elimination of the step-up in basis at death and taxation of built-in gains at death.
• The reformation of the estate tax.
• The implementation of mega IRA proposals for IRAs and qualified plans exceeding $10 million.
• And a 25% built-in gains tax on high net worth individuals.

Between now and the election, many clients will need to prepare a path forward if any of these changes became law.

How do you think these proposed changes will impact your estate planning strategies?